It happened at the intersection of U.S. Business Highway 70 at Moore Street around 1:20 p.m.
Police said 19-year-old Paul Chapman of Morganton was hit by the SUV and then run over by the truck.
Investigators said both drivers had the green light and the bicyclist crossed the highway against the light. So, there will not be any charges filed.
Chapman was rushed to WakeMed with life-threatening injuries.